Houston-based independent Lucas Energy Inc. has entered a joint venture with Marathon Oil (East Texas) LP, a unit of Marathon Oil Corp., to develop the Eagle Ford and Buda formations in Wilson County, TX. Marathon Oil has acquired 50% of the leasehold interest rights, representing about 1,000 net acres (below the base of the Austin Chalk formation) held by Lucas in a majority of Lucas’ leases in Wilson County. Marathon Oil will be the operator, but Lucas will still own and operate rights above the Eagle Ford, primarily in the Austin Chalk, Lucas said. Lucas has a variety of working interests in Wilson County, which is south of San Antonio, ranging from 20% up to 100%. The Austin Chalk formation (and above), the current well bores and equipment, and the current production from the Austin Chalk and above are not included in the Marathon transaction. Financial details were not disclosed.
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EOG Holding Marcellus Leases for Long Term, Says Papa
EOG Resources Inc. has taken its Marcellus Shale leasehold off the market because it’s a “core holding” and big plans are on the table to develop it once natural gas prices recover, CEO Mark Papa said Tuesday.
El Paso Nears Decision on Eagle Ford Partnership
El Paso Corp. may make a decision “in the next few weeks” about whether to bring aboard a partner to help develop its holdings in the Eagle Ford Shale, CEO Doug Foshee said Monday.
Texas Toughens Distribution Pipeline Monitoring
Natural gas distributors in Texas will soon have to develop programs that assess the risks of failures on their pipeline systems and prioritize equipment replacements under a rule adopted by the Railroad Commission of Texas (RRC).
Texas Toughens Distribution Pipeline Monitoring Rules
Natural gas distributors in Texas will soon have to develop programs that assess the risks of failures on their pipeline systems and prioritize equipment replacements under a rule adopted last week by the Railroad Commission of Texas (RRC).
Nexen Seeking Partners in Horn River Basin
Nexen Inc. is looking for joint venture partners to help it develop its shale gas position in northeastern British Columbia, the Calgary company said during a year-end conference call with financial analysts on Thursday.
Nexen Seeking Partners in Horn River Basin
Nexen Inc. is looking for joint venture partners to help it develop its shale gas position in northeastern British Columbia, the Calgary company said during a year-end conference call with financial analysts on Thursday.
Triana, Marathon Make Marcellus Development Pact
Triana Energy LLC and a unit of Marathon Oil Corp. will develop 82,000 acres of Marcellus Shale prospects in Fayette County, PA, and several counties in northern West Virginia, Triana said Thursday.
Caiman Completes West Virginia Processing Plant, Plans Another
Caiman Energy has completed a 120 MMcf/d cryogenic processing plant in the Marcellus Shale in Marshall County, WV, and, prompted by drilling projections from existing and potential customers, plans to open a 200 MMcf/d facility at the same location later this year, the Dallas-based company said Wednesday.
Alliance New Services to Target Shale Plays
With shipper contracts expiring in 2015, Alliance Pipeline Ltd. plans to develop receipt and short-haul services that take advantage of the pipeline’s location near developing gas shale plays in British Columbia and North Dakota, Alliance said. The new offerings will complement the pipeline’s “bullet line” service from Western Canada to Chicago, as well as provide hub services such as the Natural Gas Exchange and the Alliance Chicago Exchange project.
